China's national security fund said Thursday it is reducing its exposure to the country's stock market, the Wall Street Journal reported. "The market itself has been rallying too long. We are conservative. We have to be conservative by nature, so in that way we don't want to see the market crash," said Gao Xiqing, vice chairman of the National Council for Social Security Fund during a conference in Beijing. The move may signal the growing anxiety among money managers about rising share prices in the Shanghai and Shenzhen stock markets. The fund had placed 39% of its US$58 billion in assets in Chinese stocks but plans to cut that back to 30%. The market rally in China is now entering its 26th month and continues to defy expectations. Individual investors have opened nearly 14 million new trading accounts, despite concerns from institutional investors. The Shanghai Composite Index has surged 41% this year and 274% since mid-2005, when it hit an eight-year low.